Heliostar Metals Hits 2025 Production Guidance with 34,098oz AuEq

Canada-based mining company Heliostar Metals announced its production results for the fourth quarter and full year ending Dec. 31, 2025. The company reported a total annual production of 34,098oz AuEq, comprising 32,990oz of gold and 80,527oz of silver. With these results, Heliostar Metals achieved its 2025 production guidance, which was set between 31,000oz and 41,000oz AuEq. For the three months ending Dec. 31, 2025, the company produced 8,459oz AuEq, comprising 8,180oz of gold and 21,494oz of silver.

The company's consolidated results were supported by solid performances at both operating units. The La Colorada mine produced 18,467oz AuEq, driven notably by silver production. The mine yielded 57,493oz of silver, surpassing its upper guidance limit of 51,500oz, while gold production stood at 17,793oz, within the projected range. The San Agustin mine contributed 15,139oz AuEq to the annual total. Its gold output reached 14,883oz, successfully meeting guidance. However, silver production at San Agustin totaled 22,469oz, falling short of the minimum guidance threshold of 34,000oz.

As of the end of 2025, Heliostar Metals reported a preliminary cash balance of US$41 million and no debt. The company indicated that full financial results for the year will be published in March 2026, with Cash Costs and All-In Sustaining Costs (AISC) expected to fall within the previously established guidance ranges, which were set at US$1,950/oz to US$2,100/oz

Charles Funk, CEO, Heliostar Metals, attributed the results to the restart of operations at two key assets: the La Colorada mine in January and the San Agustin mine in December. "The restart of San Agustin is expected to materially increase Heliostar Metals’ year-on-year gold production in 2026," Funk stated. He added that the company plans to release its 2026 guidance shortly.

In addition to its operating mines, Heliostar Metals outlined plans for its Ana Paula project in Guerrero. The company intends to advance the asset through a feasibility study (FS) and recommence work on the decline during 2026. These initiatives are part of Heliostar Metals’ strategy to reach a production capacity of 500,000oz/y by the end of the decade.

Ana Paula’s Potential 

In November 2025, Heliostar Metals released a Preliminary Economic Assessment (PEA) for an underground development at the site. Using a base case gold price of US$2,400/oz, the study outlined a post-tax Net Present Value (NPV) at a 5% discount rate of US$426 million and an Internal Rate of Return (IRR) of 28.1%, with a payback period of 2.9 years. The initial CAPEX was estimated at US$300 million.

The PEA envisions a nine-year mine life producing an average of 101,000oz of gold annually after ramp-up, totaling 874,700oz. The life-of-mine All-In Sustaining Cost (AISC) is projected at US$1,011/oz. The operation proposes a 1,800t/d mining rate using long-hole open stoping and a processing facility featuring a gravity circuit and a 250t/d bio-oxidation (BIOX) circuit to achieve 90% recovery.

Building on these findings, Heliostar is pursuing an accelerated path forward. This includes the completion of a 15,000m drill program and the submission of a permit amendment in 1Q26. The company plans to restart the development of an underground decline in 2026, estimated to cost US$15 million, which is expected to be funded by free cash flow from La Colorada and San Agustin, as reported by MBN.